There are more than 30,000 new products introduced every year—and about 95% of them fail. Why? Because people are hesitant to try something new and often resist learning about a new product, even if it will make their life better.
So what can make the difference between product success and failure? A new product launch video.
Most people, 66% actually, prefer watching a video over reading about a product. And when a new product is introduced to them with the right video, magic happens.
Why make a new product launch video?
People love videos, plain and simple. In a world clouded by billions of minutes of video content, 54% of consumers claim to still want more. But does that love translate into sales? Absolutely. Here are a few reasons why you should make a new product launch video.
To keep up with the competition
Adopting a marketing tool just because your competition has isn’t the best reason. But new product launch videos are different. Now, you aren’t just competing for customer’s money, you’re competing for their time.
Watching product launch videos is an investment of time and attention, not money. And you’d much rather consumers watch your product reveal video than a video made by one of your competitors.
Better communicate your unique value proposition
Think new product launch videos are only for the tech industry? Think again. Yes, tech giants like Apple and GoPro give us excellent product launch video examples with their legendary website launch videos, phone launch videos, app launch videos and more. But they aren’t the only ones who can use this medium successfully to highlight unique value propositions and pain points.
Examples like book launch videos (think Steven King) and food and beverage launch videos (think Bud Light Seltzer) paved the way for stellar product launches and subsequent successes across many other industries.
Because product launch videos work!
When people watch videos, they’re more inclined to buy. In a recent survey, 84% of respondents purchased the product after watching a brand’s video. This incredible conversion rate is too valuable to pass up.
When asked about videos’ impact on sales, four out of five marketing professionals believed their video promotion efforts directly increased sales. They also thought new product launch videos gave a great boost to ROI (89%), organic web traffic (87%) and lead generation (83%).
What types of new product launch videos are there?
There are so many ways you can introduce a new product with video. Here are five product launch video ideas to get you started.
Product launch video idea #1: Explainer
This is one of the most popular forms of launch video because of what explainer videos are designed to do. They literally exist to explain how a product or service works. And there’s really no better set up for a new product launch video.
People want to understand why they need your product, how it will help them, why your product works and where they can get it. Explainer videos, when done well, tick all those boxes.
Product launch video idea #2: Product demonstration
Many new product launch videos use a demonstration to illustrate how the product or service works. A great example of this approach is the original OxiClean infomercials. These product launch commercials were a quick product demonstration showing just how well the detergent cleaned. Viewers understood the value of the new product as they watched. Then they purchased.
And they really purchased. After launching out of a garage in 1997, the OxiClean company was sold for $325 million in 2006. Today, the product is considered the number one stain remover in the U.S. and has sold billions of dollars’ worth. Who knows where they would be without those (in)famous product demonstrations?
Product launch video idea #3: Animation
Unlike product demonstrations focusing on tangible, clear results, animations can show the intangible. Think about a new product launch video for a health and wellness product, like a prescription drug. Many of them include animations showing the human body before and after the drug is used. Animation is a great way to visually demonstrate how a product works when a real physical representation simply isn’t possible.
Product launch video idea #4: Teaser
As people’s attention spans have become shorter, teaser videos have increased in popularity. Consumers can hardly wait for a new product or service to come out, so savvy brands have resorted to releasing brief teaser videos to whet their appetite.
A great example of this is when Nintendo was marketing the release their new handheld device called the Switch. Their teaser trailer in October 2016 had 38.4 million views in just seven days.
Product launch video idea #5: Live event
Live events were made popular by the tech industry, specifically Apple’s Steve Jobs. This type of product launch has only increased in popularity since they can be streamed on Facebook Live, YouTube, Twitter or on your own website to engage a global audience of consumers.
Of course, the best live events start long before the actual taping. Marketers work hard to build buzz via paid advertising, social media and influencer marketing. These efforts are often supplemented by incentives and special offers encouraging consumers to watch live.
What makes a new product launch video successful?
There are so many factors affecting new product launch videos. Understanding what works and what doesn’t work is an important step in creating a launch video with lasting impact.
The importance of creating a short video cannot be understated. Only 68% of people will watch a one-minute-or-less video the whole way through. And marketers have adapted, because 80% of them only create videos that last three minutes or less. Don’t make the mistake of making your new product launch video too long!
Did you know 92% of people watch videos with the sound off? Most users prefer captions. No matter what type of new product launch video you create, be sure to include captions in your production plan.
Optimized for mobile
Most consumers will probably watch your new product launch video on a smartphone. So be ready to reach them by optimizing your video for mobile.
Creating a great new product launch video should be just one part of your marketing plan. Getting potential customers excited and interested enough to watch the video is another. Properly promote your video so your target audience is encouraged and incentivized to watch.
Build buzz by adding a landing page to your website. Ask people to opt-in to marketing communications by capturing their email address and offering a special gift, like a coupon, for their trouble. Research shows that this can increase conversion by as much as 80%.
A new product launch video really could be the difference between success and failure in the marketplace. So use a new product launch video to give your product that best chance of success!
The only other thing you need to create your new product launch video is a video production studio to help you develop it! At Explainly, we specialize in product launch videos. Contact us today for a free consultation.